Springer Aerospace near the Sault enters CCAA, but says no danger it will shut down
Springer Aerospace near the Sault enters CCAA, but says no danger it will shut down
An aircraft maintenance company near Sault Ste. Marie is beginning restructuring proceedings.
Springer Aerospace is working with the company’s primary lender and key stakeholders as it works through the Companies’ Creditor Arrangement Act (CCAA) process.
At the same time, they’re attempting to reassure the public the company is not in danger of shutting down.
Springer Aerospace has been open since 1972 and is a major employer in the region. However, the pandemic negatively impacted the company to the point that it is seeking creditor protection.
“The employees don’t get affected, the clients certainly don’t get affected,” said vice-president Christopher Grant.
“We’re restructuring our financial balance sheet, and as a result, we’ve instituted the CCAA proceedings and we’ll be in this for a few months. But we’ll come out stronger for sure in the new year.”
Springer Aerospace, which currently employs around 100 people, specializes in converting passenger aircraft into cargo planes.
“We paint planes, we do heavy maintenance, we do engine work, we do pretty much everything a plane requires,” said Grant.
Theo Niemandt, director of maintenance, recently moved to Canada from South Africa. He said he’s impressed at the size of the operation.
“For where we are, in the middle of northern Ontario, for the amount of work and stuff that we do is pretty cool,” Niemandt said.
“I just fell in love with the place and I decided this is what I’m going to be doing.”
Grant said the company currently has about two years worth of contracts.
“We’re booked up quite a bit in advance and we’ve got a lot of work for these guys,” said Grant.
“This restructuring is a very welcome process that we look forward to going through.”
Area mayors have expressed some worry about the future of the operation, and they said they will be watching the situation as it unfolds.
Grant said it’s too early in the restructuring process to know exactly how it will impact the business, but he reiterated there is no cause for concern.
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